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402-Unit Apartment Complex Trades for $38M

GARDEN GROVE, CA-Eagle Real Estate Group buys the 402-unit Bayport Apartments using tax-exempt financing that requires it to make 20% of the units available affordable to people with very low-incomes. Eagle also plans to invest $5 million improving the property.

By Bob Howard | Updated on October 15, 2002

GARDEN GROVE, CA-Eagle Real Estate Group of Anaheim bought the 402-unit Bayport Apartments complex and plans to invest $5 million more to upgrade and renovate the property, according to the buyer.

The Bayport is at Chapman Avenue and Bayport Street, near Disneyland Resort, the Block at Orange and the Crystal Cathedral. It is one of the largest apartment sales in Orange County this year. The seller was Klein Financial of Palo Alto, Calif.

The buyer plans to set aside 81of the 402 units, or 20%, for very low-income families, according to Randy Friend, a partner in Eagle, who explains that the affordable units are part of the requirements for the tax-exempt financing the company obtained. Friend says the company financed the purchase entirely through its own means and five series of tax-exempt bonds. With this purchase, Eagle now owns nearly 2,000 apartment units in Southern California.

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